Shares of Australian critical metal companies surge on $8.5 billion U.S. minerals deal

In this article

Shares of some of Australia’s largest critical metals and rare earths companies surged on Tuesday following the announcement of a massive minerals deal between Washington and Canberra worth up to $8.5 billion.

The agreement — signed by U.S. President Donald Trump and Australian Prime Minister Anthony Albanese on Monday — includes funding for multiple projects aimed at boosting the supply of key materials used in defense manufacturing and energy security.

Lynas Rare Earths

, Australia’s largest rare earths producer by market capitalization, jumped about 4.7% in early Asia trading. Mineral sand miner Iluka Resources